HÀ NỘI — The retail price of biofuel E5 RON 92 rose VNĐ429 to VNĐ18,672 (US$0.82) per litre from 3pm Friday afternoon, per an announcement by the ministries of industries and trade and finance.

This was the first increase in retail petrol price from the beginning of this year when biofuel E5 RON 92 completely replaced petrol RON 92 in Việt Nam.

Diesel oil increased by VNĐ430 to VNĐ15,959 per litre, kerosene rose VNĐ448 to VNĐ14,560 per litre and mazut oil inched up VNĐ150 to VNĐ12,765 per kilogramme.

According to the Ministry of Industry and Trade, global oil and petrol prices were on an uptrend. The price of RON 92 which was used to produce biofuel E5 was at $77.35 per barrel on January 10 – the highest level since 2016.

Prices of petrol RON 95 have seen significant increase by retailers after the elimination of petrol RON 92.

Petrol RON 95 was sold at up to VNĐ20,990 per litre, according to petrol retailer Petrolimex.

Prices of RON 95 of Euro 3 emission standard and Euro 4 emission standard were now higher than biofuel E5 RON 92 by VNĐ1,850 and VNĐ2,050 per litre, respectively, triggering concerns that this was intended to promote the sale of biofuel.

Recently, Deputy Prime Minister Vương Đình Huệ asked the two ministries to closely monitor the consumption of biofuel E5 RON 92 and RON 95 – the only two types of petrol in the market - in the first quarter of this year to announce basic prices.

Reviews of fuel prices are set to be announced every 15-days to keep up with swings in the global market. — VNS